The Strategist

Citigroup to change organizational structure



09/15/2023 - 06:45



Citigroup Inc. will fundamentally alter its organizational structure in order to simplify operations and connect the management structure with the bank's business plan.



Antonio Vernon
Antonio Vernon
Five business lines' leaders will be promoted, and there will be fewer management levels, according to Citi's press statement. This should hasten decision-making, as well as enhance business unit monitoring and sharpen client focus.

Citi's organizational structure consisted of just two divisions for more than ten years: Institutional Clients Group and Personal Banking & Wealth Management.

The positions of the leaders of these two divisions will be eliminated under the new arrangement. There are currently five main business segments for the bank: services (custody and trading solutions for large clients, as well as securities operations), market operations, banking services (investment banking and corporate banking), retail banking, and wealth management.

According to the statement, Jane Fraser, CEO of Citi, would receive direct reports from the heads of the five business lines.

"This will give them greater influence over Citi's strategy and execution," the press release reads.

source: bloomberg.com

 




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